Citi: Negative U.S. economic outlook will drive gold prices moderately higher
2025-08-04 05:19:19
Citi raised its forecast for gold prices over the next three months to $3,500 an ounce from $3,300 and its expected trading range to $3,300- $3,600 from $3,100- $3,500, citing the worsening outlook for US economic growth and inflation in the near term. "US economic growth and tariff-related inflation concerns will continue to intensify in the second half of 2025, combined with a weaker dollar, driving gold prices moderately higher to record highs," the bank said. Citi also highlighted weaker US jobs data for the second quarter of 2025, heightened concerns about the institutional credibility of the Federal Reserve and US statistics, and rising geopolitical risks related to the Russia-Ukraine conflict. Citi estimates that total gold demand has risen by more than a third since mid-2022. (Gold 10)
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